institutions have been directed by CBN to ensure that over-the-counter cash withdrawals by individuals and corporate entities per week do not exceed N100,000 and N500, 000, respectively.This was conveyed in a memo issued on Tuesday, December 6, and signed by the Director of Banking Supervision, Haruna .B. Mustafa.Banks have also been directed to load only N200 and lower denominations into their ATM. It read;In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits would be required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000.00 and N10,000,000.00 for individuals and corporate organizations, respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.Banks were directed to obtain the following information at the minimum and upload same on the CBN portal created for the purpose:
Oluwatoyin Luqman Bolakale is a graduate of Telecommunications Science, A Certified and etch network security specialist from International cyber security institute and specialised in Network security, mobile and wireless communications, He is a community developer and An Online Media Practioner currently the CEO/Publisher of Satcom Media